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Florida
Retirement System
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AN OVERVIEW OF THE FLORIDA RETIREMENT SYSTEM
Permanent employees filling a
"Regularly Established" position are automatically members of the
Florida Retirement System (FRS). Your participation in the FRS is free;
your employer pays all contributions. The FRS allows you to choose from one
of two retirement plans: The FRS Pension Plan or the FRS Investment Plan.
Additionally, the FRS offers free and personalized educational resources to
help you understand your options and prepare for retirement. New employees
must choose their FRS plan by the end of the fifth month following their
month of hire.
About the FRS Pension Plan
The FRS Pension Plan is a
traditional defined benefit program designed for longer-term employees who
will be with the FRS for most of their career. It pays you a guaranteed
monthly retirement benefit based on salary and service when you retire. You
qualify for a benefit (i.e., are vested) in the Pension Plan after
completing 6 years of creditable service with an FRS employer.
To
read more, click here.
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About the FRS Investment Plan
The FRS Investment Plan is a defined
contribution program designed for employees who may leave the FRS before
retirement. Your benefit is based on how much money your employer
contributes to your account and how well that money grows over time. Most
members get 9% of their salary deposited into their account each month. You
qualify for a benefit (i.e., are vested) after completing 1 year of
creditable service with an FRS employer. Your account is portable and you
decide how much risk to take by allocating your account balance among
investment funds.
To
read more, click here.
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Comparing the Plans
The two FRS plans have many
differences: how service and salary affect your benefits, vesting rules,
types of risks, availability of the Deferred Retirement Option Program
(DROP), payment options, early retirement options, survivor benefits and
member contributions.
To
read more, click here.
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What if I Change My Mind?
After making your initial FRS plan
selection, you have a one-time chance to change your mind during your
active working career with the FRS. This change, called your 2nd
Election, allows you to switch from the Pension Plan to the Investment
Plan, or vice versa.
To
read more, click here.
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What if I Have Questions?
The FRS offers free help to assist you with your FRS plan
choice, the management of your retirement account and general financial
planning questions. You can call the MyFRS Financial Guidance Line
toll free at 1-866-44-MyFRS (1-866-446-9377; TTY:
1-888-429-2160) 9 a.m. to 8 p.m. ET, Mon.- Fri. (except holidays) to speak
with experienced financial planners from Ernst & Young at no cost to
you. You can also use the personalized online Choice Services and Advisor
Services available at www.MyFRS.com.
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